Financial Performance - Total revenue for the fiscal year 2023 decreased by SGD 3.3 million or 10.1%, from SGD 32.7 million to SGD 29.4 million, primarily due to a significant drop in scrap material prices [6]. - The gross profit margin for the fiscal year 2023 was 31.5%, an increase from 29.0% in the fiscal year 2022, highlighting the company's efforts to optimize operational efficiency [6]. - For the fiscal year 2023, the group's total revenue decreased by 3.3 million SGD or 10.1% to approximately 29.4 million SGD from 32.7 million SGD in the fiscal year 2022 [35]. - The group recorded a gross profit margin of 31.5% in fiscal year 2023, compared to 29.0% in fiscal year 2022, indicating improved operational efficiency [35]. - The company's net profit attributable to equity holders for fiscal year 2023 was approximately 25,000 SGD, compared to 0.5 million SGD in 2022, with earnings per share dropping to 0.002 SGD from 0.05 SGD [48]. - The company's cost of sales for fiscal year 2023 was approximately 20.1 million SGD, a decrease of 3.1 million SGD or 13.4% compared to 23.2 million SGD in 2022 [42]. - Administrative expenses increased by 0.8 million SGD or 9.3% to approximately 9.4 million SGD in 2023, primarily due to increased employee benefits [44]. - Other income rose to 0.5 million SGD in 2023, an increase of 0.2 million SGD or 66.7% compared to 0.3 million SGD in 2022, mainly due to higher interest income [45]. Project and Market Outlook - The company successfully completed the demolition of the iconic AXA Tower, a landmark building in Singapore, and secured 16 demolition projects, with 11 completed during the fiscal year 2023 [7]. - The expected total revenue from ongoing projects is approximately SGD 12.0 million, indicating a positive outlook for future earnings [7]. - Singapore's construction demand is projected to be between SGD 32 billion and SGD 38 billion in 2024, driven mainly by public sector projects [8]. - The company aims to leverage government economic stimulus policies and the ongoing growth in the construction industry to enhance shareholder value [8]. - The management is focused on core business operations while actively seeking new opportunities for business expansion [8]. - The fiscal year 2023 saw a notable achievement in maintaining operational performance amidst a weak demand environment, particularly in the Asia region [6]. Governance and Management - The board includes independent directors with extensive experience in finance and investment, ensuring robust governance and oversight [21]. - The company has a strong emphasis on corporate governance, with independent directors overseeing management practices [21]. - The management team has undergone various safety and risk management training, indicating a commitment to workplace safety and compliance [17]. - The company has established a framework for risk management and internal controls, which is regularly reviewed to ensure appropriateness [146]. - The board consists of five executive directors and three independent non-executive directors, ensuring strong independence [142]. - The company maintains high corporate governance standards, focusing on long-term financial performance rather than short-term gains [108]. - The company has adopted the corporate governance code and complied with its applicable provisions during the fiscal year 2023, except for a deviation regarding the roles of the Chairman and CEO [141]. Employee and Community Engagement - The group has a total of 121 employees as of December 31, 2023, with approximately 30% being local employees and 70% foreign employees [70]. - The company donated a total of SGD 25,000 to community development and welfare funds in the fiscal year 2023 [88]. - The company emphasizes effective and timely communication with shareholders to protect their rights and interests [199]. Risk Management - The company has established a risk management policy that includes risk identification, assessment, and management procedures across its divisions [193]. - The board is responsible for reviewing and approving proposed risk mitigation procedures and the effectiveness of the group's risk management and internal control systems [193]. - The internal audit department reviewed major control issues and provided findings and improvement recommendations to the audit committee [194]. Future Plans and Investments - The company plans to enhance its fleet by acquiring various excavators, including a 48.5-meter long-arm excavator, with an estimated expenditure of HKD 51.2 million [86]. - The company aims to recruit additional staff, including project management and execution personnel, with a budget of HKD 9.1 million [86]. - As of December 31, 2023, the unutilized net proceeds from the IPO amounted to approximately HKD 19.6 million, with plans to fully utilize these funds by December 31, 2024 [86]. Shareholder Information - The board does not recommend the payment of a final dividend for the fiscal year 2023 [76]. - The company has complied with all relevant laws and regulations in all material aspects during the fiscal year 2023 [82]. - The company maintained a sufficient public float of at least 25% of its issued shares as required by the Listing Rules [132].
BENG SOON MACH(01987) - 2023 - 年度财报